Public policy of institutional transformations in the condition of a global pandemic

  • S. Gacim  PhD, Research professor of Polydisciplinary Faculty of Smara Ibn Zohr University, Agadir, Morocco, Laboratory of Studies and Applied Researches in Economic Sciences (LERASE) http://orcid.org/0000-0002-2547-1752
  • I. Yu. Gryshova Doctor of economics, Professor Department of Public Administration and Innovation Management, National University of Life and Environmental Sciences of Ukraine http://orcid.org/0000-0001-6276-7619
  • O. V. Zhuravlov  Doctor of Economics, Professor of the Department of Urban Economy Kyiv National University of Construction and Architecture http://orcid.org/0000-0002-3286-9224
Keywords: public policy, European integration processes, structural shifts, pandemic, value research, panel data.

Abstract

The global world has found itself in a difficult situation of structural changes in the institutional environment, not only at the formal but also at the informal level under the influence of the coronavirus pandemic. The assessment of the institutional environment on the economic system is a dynamic phenomenon and requires a deep interdisciplinary approach. Theoretical models are proposed, which include various institutional factors. The evaluation of the models allowed us to conclude about the predominant statistical significance of institutional factors on the effectiveness of economic transformations.
The aim of the article is to determine the main directions of transformation of economic systems through the prism of the study of «rules of the game» (institutions) and values in the conditions of the world in times of pandemic.
The scientific novelty is to assess the institutional transformations of the economy in a global pandemic through the prism of the study of institutions and values, which creates a scientific basis for the modernization of management and statistical concepts and aims to prevent the creation of an extractive institutional environment. Conclusions. For correct statistical modeling, economic processes should be considered through the prism of a new institutional theory, which allows to identify the trajectories of economic development, taking into account geographical features, history, culture and place of political elites. It is the institutional approach in statistical modeling that provides a more fundamental understanding of the complex processes of transition from extractive to inclusive institutions. At the same time, when assessing the model data co-integration model, we found a close long-term relationship between such factors as economic growth, education expenditures, government efficiency, the rule of law, and an increase in the share of services in GDP. These results confirm the importance of the institutional environment for the trajectory of economic development.

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Published
2021-02-24
How to Cite
Gacim , S., Gryshova , I. Y., & Zhuravlov , O. (2021). Public policy of institutional transformations in the condition of a global pandemic . Scientific Papers of the Legislation Institute of the Verkhovna Rada of Ukraine, (1), 75-91. https://doi.org/10.32886/instzak.2021.01.08